ISLE Isleworth Healthcare Acquisition Corporation

Nevada Gold Signs Contract With the La Jolla Band of Luiseno Indians HOUSTON, Aug. 11 /PRNewswire-FirstCall/ -- Nevada Gold & Casinos, Inc. (AMEX:UWN) and the La Jolla Band of Luiseno Indians announced today that they have signed a development agreement for a gaming resort development in Pauma Valley, California. Nevada Gold will be the developer and manager of the casino. The management agreement is currently being finalized and is expected to be completed in the near future. The Company also will assist the tribe in obtaining project financing. The multi-phase project will be developed on the 9,998 acre La Jolla Indian Reservation in Pauma Valley, California. The first phase will include the construction of a casino with approximately 349 slots and 12 table games, a 75-room hotel, dining facilities and parking. The total investment for the first phase will be approximately $25 million. Subsequent phases may include an expanded casino, RV-park, additional restaurants and other entertainment venues. Nevada Gold will receive a management fee of 23% of pretax net revenues over a five-year period, with a 2-year renewal period, for the first phase, and a new 5-year term for any subsequent phase. The Company will also receive a 2% development fee on the total project costs of each phase. Chairman, President and CEO of Nevada Gold, H. Thomas Winn said, "We are pleased to have reached contractual agreements with the La Jolla Band of Luiseno Indians. This gaming resort will create economic benefits for the tribe and allow for future expansion opportunities." Chairman of the La Jolla Band of Luiseno Indians, Tracy Lee Nelson, added, "We are extremely excited with the signing of this Development Agreement and sincerely thank Nevada Gold for their confidence and look forward to working in partnership with Nevada Gold and assisting the Tribe in fulfilling the Tribe's vision for economic development." Construction on the project is currently anticipated to begin in 2004. The new facility is expected to open before the end of 2005, pending necessary regulatory, construction and environmental approvals. Forward-Looking Statements This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect," "future," "intend," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements include, without limitation, our ability to increase income streams, to grow revenue and earnings, and to obtain additional Indian gaming and other projects. These statements are only predictions and are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's public filings with the Securities and Exchange Commission. About Nevada Gold & Casinos Nevada Gold & Casinos, Inc. of Houston, is a developer of gaming properties, and has real estate interests in Colorado, California, and Nevada. UWN owns a 43% interest in The Isle of Capri-Black Hawk LLC, which owns Isle of Capri Casino, a 237-room hotel/casino and Colorado Central Station Casino (both located in Black Hawk, Colo., about 35 miles west of Denver) and Colorado Grande Casino, located in Cripple Creek, Colo. The LLC is a joint venture with Isle of Capri Casinos, Inc. (NASDAQ:ISLE). UWN has 69% ownership of Dry Creek Casino, LLC, which is assisting the Dry Creek Rancheria Band of Pomo Indians with their River Rock Casino, Alexander Valley, Sonoma County, California (about 75 miles north of San Francisco in the California wine country). UWN has 51% ownership of Route 66 Casinos, LLC, which has the right to lease gaming equipment to the Pueblo of Laguna in their Route 66 Casino 11 miles west of Albuquerque, N.M., which opened in September 2003. UWN has entered into a contract to develop and manage a casino for the Muscogee (Creek) Nation in Tulsa, Okla. For more information, visit http://www.nevadagold.com./ CONTACT: Nevada Gold & Casinos, Inc., Houston H. Thomas Winn or Christopher Domijan, 713-621-2245 or Integrated Corporate Relations Don Duffy 203-222-9013 DATASOURCE: Nevada Gold & Casinos, Inc. CONTACT: H. Thomas Winn or Christopher Domijan, both of Nevada Gold & Casinos, Inc., +1-713-621-2245; or Don Duffy of Integrated Corporate Relations, +1-203-222-9013 Web site: http://www.nevadagold.com/

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